VNO Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026	Q4 '25 31.12.2025
Market & Enterprise Value
Market Cap	6.89B EUR	7.34B EUR	4.89B EUR	6.35B EUR
Enterprise Value	15.89B EUR	14.8B EUR	12.22B EUR	13.39B EUR
Valuation Multiples
Trailing P/E	840.75x	108.1x	6.15x	7.91x
Forward P/E	108.48x	--	--	--
Price to Sales	3.67x	4.01x	2.7x	4.7x
Price to Book	1.36x	1.27x	0.81x	1.06x
EV/Revenue	8.46x	8.09x	6.76x	9.93x
EV/EBITDA	20.59x	16.94x	15.05x	21.61x
Price to FCF (P/FCF)	15.45x	18.77x	3.9x	5.26x
EV/FCF	35.64x	37.87x	9.74x	11.1x
FCF Yield	6.47%	5.33%	25.65%	19.01%